‘Makamba remains in charge of Telecel’

Business ReporterAS the Telecel Zimbabwe ownership wrangle rages on co-founder, Dr James Makamba, has refuted media reports that he has exited the country’s third largest mobile network operator, saying he remains in charge.

Dr Makamba has dominated media headlines since his return home this year from a 12-year self-imposed exile. Numerous reports indicated he was due to receive $11 million for his Telecel Zimbabwe shares with some claiming he had sold off a remainder of 30,25 percent equity in holding company, Kestrel Corporation to MHMK Group, which is controlled by Messrs Gerald Mlotshwa and George Manyere.

He said media reports that an Extra-Ordinary General Meeting was held on the 7th of June 2018 at 8:30am at Telecel Zimbabwe (Private) Limited boardroom and that he had allegedly sold his Equity in Telecel Zimbabwe were inaccurate. He also said he has not agreed to step down as Telecel Zimbabwe board chairman and director.

“Our instructions are that our client has never resigned as director or chairman of the board of directors of Telecel Zimbabwe (Private) Limited. Further to that, no Extra Ordinary General Meeting of Telecel Zimbabwe (Private) Limited took place on the 7th of June 2018 and, our client denies disposing of any of his Telecel Zimbabwe (Private) Limited shares to anyone neither has he received any consideration in exchange of such purported transaction,” said the law firm.

Chinyama and Partners further stressed that their client at one stage wanted to sell his equity to certain consortium, which failed to fulfil the terms of their conditional purchase and sale agreement. This saw Dr Makamba writing a conditional letter of resignation, which could only have been effective upon meeting of conditions in the conditional agreement of sale.

“The person purporting to have signed the resolution is not the company secretary of Telecel Zimbabwe (Private) Limited neither does the person have authority to act in the manner he did,” said Chinyama & Partners Legal Practitioners.

Calton Consultants, which is the company secretary of Empowerment Corporation of Zimbabwe through which Dr Makamba holds a 40 percent stake in Telecel Zimbabwe, also said there had been no changes to the company’s directors.

“Further, we confirm that at no point during the period ranging from June 6 to the 8th of June 2018 has there been any meeting in the boardroom of Telecel Zimbabwe (Private) Limited called by us and convened by members.

“That to the best of our knowledge we have not been informed by resolution of Kestrel Corporation (Private) Limited of disposal of its shareholding in Empowerment Corporation (Private) Limited to anyone neither are we privy to any purported resignation by James Makamba as director and chairman in Empowerment Corporation (Private) Limited and Telecel Zimbabwe (Private) Limited.

“In view of this, according to our records, the status quo remains,” said Calton Consultants.